Bakkavör sells remainder of Italian pizza business

Bakkavor pizza
Bakkavor has sold the remainder of Italpizza to Dreamfood
  (Photo:  )

Bakkavör has sold the remaining stake of its Italian manufacturing pizza business Italpizza to Dreamfood after the sale of a 40% share in it last year. 

The UK fresh prepared foods manufacturer announced the first sale in May 2014 to allow it to focus on the key markets of North America, Asia and the UK.

Now, it received formal notice from investment company Dreamfood that it would “exercise the option to acquire the remaining 60%” of Italpizza. The transaction is expected to close in the second half of this year.

Dreamfood is an investment company controlled by Cristian Pederzini, the Managing Director of Italpizza.

Bakkavör has also seen its corporate credit rating rise from a B- (positive outlook) to B (stable) following improved earnings and cash flow performance.

It claims to be the number one producer by value in 13 of the 16 categories of chilled food it supplies. Products include ready meals, pizzas, salads, desserts, soups and sauces. Customers include Tesco, Marks & Spencer, Sainsbury’s, Waitrose, Asda and Morrisons, which sell Bakkavör’s products to consumers under their respective retailer brands.


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